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Market Update

European Stocks Give Back Gains After German Data

Shares in the European slipped into the red after economic data from Germany disappointed, weighing down on sentiment.

At 5:30 p.m. (I.S.T.), Britain's FTSE, France's CAC and Germany's DAX were all trading 0.2% lower.

The ZEW indicator of German economic sentiment dropped, which though lower than expected, led to concerns over weakening of the economic recovery.

Banks, which had all started the day's trade on a positive note, were weak: Barclays, Credit Agricole and Lloyds Banking Group lost 0.2% to 0.7%.

While in news-driven stocks, Suez Environment climbed 2.6% after Morgan Stanley upgraded it to 'buy' while Ashmore Plc gained 1.1% after the investment manager, while declaring quarterly results, said profits rose 39%.

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